Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Conner Commerce Center, a 70,590-square-foot industrial property located in Manassas Park, Va., according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The asset sold for $8,050,000, or $114 per square foot.
Robert Filley, senior director, and Chandler Pace, investment specialist, both in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, the original developer who built the property in 1985. Filley and Pace also secured the buyer, a private 1031-exchange investor, who plans to run the property as-is and has no immediate plans for development.
“The response we received on this property from both developers and traditional investors, speaks to the state of the market for infill industrial properties, especially when there is a potential for future development or repositioning,” Pace explained. “We’re seeing investors, more and more, treat these small-bay properties like an apartment complex for industrial tenants, as they see less risk associated with multiple tenants and little to no costs associated as these tenants roll.”
Conner Commerce Center is located at 8503-8505 Euclid Avenue in Manassas Park, VA, on the signalized intersection of Euclid Avenue and Manassas Drive and within walking distance of the Manassas Park Virginia Railway Express station (VRE). Its location, within the heart of Manassas Park’s City Center Redevelopment District, has benefitted from a massive influx in multifamily development surrounding the nearby VRE station. The property is known for catering to local auto-related tenants as the 6.7 acre site provides ample parking and unique visibility. The property is home to roughly 22 percent office and 78 percent industrial tenants. The industrial portion of the building is divided into 31 bays averaging 1,800 square feet each, all of which were leased upon sale.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
